Reserve Bank of India (RBI) is promoting a plan to connect central bank digital currencies (CBDCs) among BRICS countries, aiming to simplify cross-border trade and tourism while reducing the dominance of the US dollar. Sources say that the Reserve Bank of India has urged that the proposal to establish a CBDC interconnection system be included in the agenda of the BRICS summit hosted by India in 2026. This will be the first formal attempt by BRICS members to establish a CBDC link, with members including Brazil, Russia, India, South Africa, as well as new member countries such as the UAE, Iran, and Indonesia.
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The Reserve Bank of India has proposed establishing a central bank digital currency interconnection system among BRICS countries.
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